El Salvador has increased its holdings to 6,190 BTC, and President Bukele has been praised for violating the IMF protocol.

Although El Salvador negotiated a $3.5 billion loan agreement with the International Monetary Fund (IMF) in March this year, one of the conditions was that "El Salvador can no longer buy bitcoins." But President Bugley (Nayib Bukele) did not care, and continued to increase his stake in BTC, and even publicly shouted: "We will not stop." Interestingly, instead of expressing displeasure, the IMF praised El Salvador for "doing well" and keeping the peace. El Salvador currently holds 6,190 BTC.

Key Summary

The IMF has made it clear that El Salvador cannot increase its holdings of BTC.

President Bukele urged, "Keep buying," and the BTC holdings have now reached 6,190 coins.

The two parties signed a $3.5 billion loan protocol in March this year, one of the conditions being a ban on the government purchasing BTC.

Although it seems to contradict the content of the protocol, the IMF praised El Salvador for performing well and thanked them for the pleasant cooperation.

Although a loan agreement was reached with the IMF, the purchase of coins continues.

March 2025: El Salvador reaches a loan agreement with the IMF

El Salvador successfully negotiated a loan agreement with the IMF for a total of $3.5 billion, with the following conditions:

BTC is no longer accepted as legal tender: merchants may refuse to accept it.

Government agencies cannot actively increase their holdings of BTC.

The IMF stated that it is concerned about the large fluctuations in the BTC market, which could affect the fiscal stability of El Salvador.

March 4, 2025: President Bukele calls to continue buying

On the same day that the IMF announced the conditions, President Bukele tweeted (X) calling out:

"Back then, the whole world and the Bitcoin community abandoned us, but we never stopped, and now we certainly won't stop, and we won't stop in the future either!"

At that time, the government of El Salvador held 6,101.18 BTC.

(IMF can't control it! El Salvador has already held 6,101 Bitcoins, President Bukele: Keep buying it for him )

May 2025: The number of coins held increases, the IMF turns a blind eye and instead praises it.

According to El Salvador's official Twitter, the current BTC holdings have reached 6,190.18 coins, worth approximately 672 million USD, which clearly violates the agreement with the IMF.

But the IMF did not express dissatisfaction; instead, it stated in the report:

"The project execution is going quite well, thanks to the cooperation of the El Salvador government."

The IMF seems unable to control El Salvador, and both sides maintain peace.

In summary, although the IMF restricts El Salvador's accumulation of BTC with protocol conditions, President Bukele still ignores this and continues to purchase. Surprisingly, the IMF also glosses over it by stating "good performance" and "pleasant cooperation," indicating that the substantive supervisory power is limited, yet both sides maintain peace.

(El Salvador President Bukele posts again: Bitcoin's paper profit exceeds 350 million USD, with a return rate of 124%)

This article reports that El Salvador has increased its holdings to 6,190 BTC, and President Bukele has been praised for violating the IMF protocol. It first appeared on Chain News ABMedia.